Switzerland's foreign currency reserves have grown by 40%this year, leading some analysts to dub it the “new China,”according to CNBC. The country is now the world's sixth largestholder of foreign exchange, up from 9th last year. The SwissNational Bank is buying billions of euros a day to defend the francin an effort to protect the country's exporters.

The SNB may not be able to maintain the pace of its euro-buyingprogram, which is also affecting other central banks. The value ofother currencies is rising as the SNB sells back its euros, yet itstill can't exchange as many as it buys. The SNB's half-yearresults indicated it is having trouble rebalancing its holdings,and its actions have resulted in moves in currencies like theAustralian dollar and Swedish krona.

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